Bad news everyone: we are facing a major wine shortage in 2018. The International Organization of Vine and Wine (OIV) announced this week that we are facing a 50-year low in wine production across the world. So if you enjoy wine, it’s time to start stocking up, aka hoarding all the Two-Buck Chuck you can find.
“Extreme weather events— from frost to drought — significantly impacted 2017 wine production, which was historically low,” the OIV said in a statement this week.
The organization estimates that wine production will fall by 23 per cent in Italy, 19 per cent in France and 15 per cent in Spain. This ill-timed announcement comes on the heels of devastating fires sweeping through the California wine country. Only Australia and Argentina are expected to have good production for 2018.
What does this mean for you? Nothing good. Wine prices will go up as the production takes a nosedive, so you will have to pay more for less.